(Reuters) – JPMorgan Chase & Co posted its biggest-ever annual profit on Tuesday as its bond trading business bounced back in the last three months of the year, setting an upbeat tone for the big U.S. banks reporting this week.
Revenue rose at all but one of JPMorgan’s four main businesses, sending its shares 2% higher in premarket trading. The bank’s commercial banking business was the only was to record a decline in revenue.
Revenue - Bond - Trading - % - Year
Revenue from bond trading jumped 86% from a year earlier when financial markets were suffering from a selloff triggered by concerns over trade and global growth. Revenue from equity markets rose 15% to $1.5 billion.
“While we face a continued high level of complex geopolitical issues, global growth stabilized, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year,” JPMorgan Chief Executive Officer Jamie Dimon said in a statement.
Rival - Citigroup - Comparisons - Year - %
Rival Citigroup also benefited from easier comparisons from a year earlier, posting a 49% rise in bond trading revenue.
Overall revenue at JPMorgan’s corporate and investment banking unit, which houses its trading and underwriting businesses, jumped 31% to $9.47 billion.
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